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  • 100,000 fable holders to be taught they are going to now no longer exhaust their passbooks
  • They’ll be informed to shift their financial savings on-line or to exhaust a money machine card

By Patrick Tooher

Updated:

Virgin Money has transform the most modern bank to scrap standard passbook financial savings accounts as banks proceed to shut branches.

The owner of the Clydesdale and Yorkshire Bank brands is build to expose around 100,000 fable holders that they are going to now no longer have the option to exhaust their passbooks to pay in or withdraw profit person.

They’ll be encouraged to shift their financial savings on-line or to exhaust a money machine card as an different.

A ticket of the instances: Virgin Money is build to expose around 100,000 fable holders that they are going to now no longer have the option to exhaust their passbooks to pay in or withdraw profit person

It follows a identical disappear by Lloyds, Britain’s largest lender, which The Mail on Sunday currently published became as soon as withdrawing better than 3 million passbooks.

Lloyds’ resolution raised concerns that older and more vulnerable customers who attain no longer exhaust or have confidence on-line banking, and rely on going into a department, would battle to entry their money.

Passbooks are in particular cherished by the elderly who are reassured that the guide offers them laborious proof of how grand they have of their accounts.

Lloyds’ disappear also revived fears fewer customers tend to chat about with branches, giving banks an excuse to stop rather more of them.

Banks and constructing societies have shut 5,818 branches since 2015, at a rate of around 54 every month, in accordance to user advertising and marketing and marketing campaign neighborhood Which?

Virgin Money, which has 2 million financial savings accounts, currently axed one more 39 stores, whereas Lloyds Banking Neighborhood – which also owns Halifax and Bank of Scotland – has earmarked one more 123 for shuttering this one year.

The exhaust of passbooks has dwindled as customers disappear on-line. Santander now no longer accepts them and Barclays binned them when it bought Woolwich. Nationwide now no longer offers passbook accounts to contemporary customers.

A Virgin Money spokesman confirmed it became as soon as ‘within the approach of taking away’ passbooks.

‘As there are in actuality more earn and convenient ways for patrons to set up their money, collectively with offline and in-store suggestions, passbook accounts have no longer been readily accessible to open for different years,’ the spokesman added.

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